BEVERLY HILLS, Calif., June 4, 2012 /PRNewswire/ -- Marking its entry into the Florida market, Aragon Holdings (www.AragonUSA.com) has purchased Abaco Key Apartment Homes, a 373-unit Class A multi-family property located in Orlando, directly adjacent to the Walt Disney World Resort.
Aragon has purchased nearly 4,000 apartment units throughout the nation during the past four years. Its portfolio represents an investment of nearly $250 million. Equity for the latest transaction was provided by the Aragon Multi-Family Cash Flow Fund, a private equity fund formed to facilitate the company's acquisition activity and monthly cash flow distributions to investors.
Abaco Key, built in 1995 and extensively renovated inside and out in 2010-2011, is currently 95% occupied. The amenities include a pool with cabanas and sundeck, playground, fitness center, media and game room, tennis court, basketball court, clubhouse with coffee bar, outdoor kitchen with tables and grill, business center, and dog park. Apartments feature fully renovated kitchens, new black kitchen appliances, wood cabinetry, central HVAC, washers and dryers (all units) and patios or balconies.
Details of the transaction, including the purchase price, were not disclosed.
Larry Clark, president of Aragon Holdings, noted that, with one of the healthiest economies in Florida, Orlando has added over 16,000 jobs annually for the past decade. The population of the metropolitan area is over 2.1 million, up by more than 500,000 during the past decade.
Mr. Clark said Aragon Holdings is actively seeking to purchase additional multi-family properties in the Orlando and Tampa areas, and across the nation in cities that have positive job and population growth.
Aragon Holdings is a Real Estate Investment Company based in Beverly Hills, California, that acquires and manages income-producing assets throughout the United States on behalf of high net worth investors.
SOURCE Aragon Holdings